This paper presents a new conceptualization of the relationship between conservation and value. Beginning with an overview of the various approaches taken to develop axiologies of value for use in conservation, and their underlying influences and purposes, it argues that the notion of public or social value characterizes these axiologies. The formalization of value within conservation theory has become so pervasive that it is taken for granted that conservation operates on a paradigm of value. There is a need to denaturalize this relationship of conservation and value, and to trace the rise of the concept of value through the history of conservation theories and charters. By describing how conservation becomes a public good, the aim is to develop a theoretical basis for understanding the public value of conservation.